German designer Philipp Plein buys $1.4mn virtual land in metaverse

16 Feb '22

2 min read

Pic: Philipp Plein Group/LinkedIn

German fashion designer Philipp Plein has purchased a large plot of land in Decentraland, the first ever virtual world owned by its users in the metaverse for 510 MANAs (the Decentraland’s own cryptocurrency, approximately $1.4 million). It has a size of 65 Decentraland parcels, the equivalent of approximately 16,400 sqm in the real world.

The estate will be called Plein Plaza. The acquired real estate is situated in a prime location directly overlooking one of the Genesis Plazas, framed and accessible from two roads, the luxury fashion company said in a post on its LinkedIn account. Future developments will include luxury retail stores, entertainment, an art museum, a hotel and luxury residences.

Plein stated, “I am very excited and truly proud to have seized this opportunity to own a portion of the metaverse so early on in the development and establishment of this new universe. We are there to stay and to develop and share the creativity of all our brands also in this new dimension of human interaction in which I personally believe a lot!”

The transaction has been closed by Plein Group under the alias Bug$ Bunny with the assistance of the famous blockchain, NFT and metaverse expert Jason Rosenstein, founder and CEO of the NFT auction house and marketplace Portion, which will also be involved in the conception development and planning of the Plein Plaza together with the renowned digital artist Antony Tudisco. The Plein Group has also made known that it plans to include a real world’s archistar in the team in charge of said conception, development and planning of the Plein Plaza.

Fibre2Fashion News Desk (KD)

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